Bitcoin at 3-Month High After ETFs Add $2.4 Billion in Six Days

Bitcoin at 3-Month High After ETFs Add $2.4 Billion in Six Days

Bitcoin surged to a three-month high, reaching $69,487 on October 21, an 18% increase since October 10. Analysts attribute the rally to strong institutional interest, with Bitcoin ETFs seeing inflows of $2.4 billion in six days leading up to October 18. The US SEC also granted accelerated approval for 11 Bitcoin ETFs to begin trading options on the New York Stock Exchange.

Bitcoin's momentum was further bolstered by speculation that US crypto regulations could become friendlier after the November 5 US presidential election, with market analysts pointing to the possible impact of Donald Trump's economic policies.

The combination of Bitcoin ETF inflows, regulatory optimism, and Trump’s proposed tariff policies have contributed to BTC's recent gains. The world’s largest cryptocurrency is also up 9.6% over the last week, while Ether and Solana followed suit with slightly higher net gains.

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Pump.Fun Teases Token and Advanced Trading Terminal

Pump.Fun, a popular Solana meme coin generator, announced the upcoming launch of its token and a new advanced trading terminal called "Pump Advanced." The team shared that the terminal will feature 0% fees for the first month, offering tools such as advanced filters, top holder stats, and charts for power users. The platform also supports non-custodial wallets via authentication platform Privy.

Pump.Fun has seen daily revenues surpass $1 million multiple times in October, driven by the trading of memecoins like Moo Deng. The platform has cumulatively earned $100 million in fees since its launch, and it plans to reinvest its earnings to expand the platform. Additionally, early users can expect rewards from the upcoming token launch, reinforcing the exchange’s focus on the community.

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EigenLayer’s X Account Was Hacked, Promotes Fake Airdrop

The official X account of restaking protocol EigenLayer was hacked and used to promote a fake airdrop, confirmed by the platform’s developer, Eigen Labs. The account was compromised on Friday, urging users not to interact with any suspicious links. ZachXBT had warned users of the hack, which promoted a fraudulent reallocation of EIGEN tokens for Season 2 of the airdrop.

This exploit follows other high-profile hacks in recent months, including incidents involving accounts of Hulk Hogan and Metallica. EigenLayer's posts and replies are currently hidden (or deleted), but warned users to avoid links until further updates. The fake airdrop scam appears to have leveraged the platform’s genuine stakedrop announcement made earlier in September.

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Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion

Stripe has finalized a $1.1 billion acquisition of stablecoin platform Bridge, marking the largest crypto industry acquisition in history. Bridge, a startup that helps businesses accept stablecoin payments, had previously raised $58 million from investors and was valued at $200 million. Recently Stripe re-enabled crypto payments via USDC on Ethereum, Solana, and Polygon.

Founded by Sean Yu and Zach Abrams, Bridge provides tools for businesses to accept payments in stablecoins like USDC and USDT, which are pegged to the US dollar. Stripe is also partnered with Coinbase and has integrated its Layer 2 network Base. Stripe’s latest acquisition also signals its intent to dominate the stablecoin payment sector as it's also one of the most lucrative ones.

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Data of the Day

Goatseus Maximus (GOAT), a Solana AI memecoin created and promoted by an AI bot named Truth Terminal, crashed by 46.9% within 24 hours due to a grammar mistake on Twitter (X). The error, posted by the bot, caused the token's market cap to plunge from $513 million to $213 million before slightly recovering to $344 million.

Goatseus Maximus gained notoriety after Marc Andreessen invested $50,000 in Bitcoin to support the AI bot behind the meme. Truth Terminal, an AI bot built by Andy Ayrey, has transformed Goatseus Maximus into a multi-million-dollar token with the support of community members and investors. The coin's quick rise in value has made Truth Terminal the first-ever AI millionaire.

It also spawned an influx of cult followers and ecosystem-related tokens that capitalized on this new crypto narrative. Investors should exercise caution when looking for the best AI crypto projects in 2024, as some are simply riding the hype, whereas others have a proven track record.

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More Breaking News

• BlackRock is reportedly pushing for its BUIDL token to be used as collateral for crypto derivatives trades by Binance, Deribit, and OKX.
• Indian citizen was sentenced to five years in prison for running a phishing scam that defrauded Coinbase users of $20 million.
• Singapore's largest bank, DBS, introduced 'Token Services,' integrating tokenization and smart contract capabilities with existing institutional banking services.
• Craig Wright has filed a new lawsuit, claiming Bitcoin developers misled the public and seeking over $1bn in damages related to the SegWit and Taproot upgrades.
• Vitalik Buterin outlined strategies to address centralization risks in Ethereum's proof-of-stake system as part of the upcoming 'Scourge' upgrade.
• Popular influencer Jaypeg is accused of a scam involving Uptober meme coin, for receiving tokens for promotion, selling them, and then denying the transaction.
• The Tapioca DAO suffered a $4.4 million exploit linked to a possible North Korean hacker, with most stolen funds still residing on the BNB Smart Chain.

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